PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489944
PUBLISHER: Bizwit Research & Consulting LLP | PRODUCT CODE: 1489944
Asia Pacific Biofertilizers Market is valued approximately at USD 350 million in 2023 and is anticipated to grow with a healthy growth rate of more than 14.82% over the forecast period 2024-2032. Biofertilizers are substances containing living microorganisms, which, when applied to seeds, plant surfaces, or soil, colonize the rhizosphere or the interior of the plant and promote growth by increasing the supply or availability of primary nutrients to the host plant. These microorganisms are typically bacteria, fungi, or algae and they help in fixing atmospheric nitrogen, solubilizing phosphorus and mobilizing other nutrients, thus enhancing plant growth and soil fertility. Additionally, the growth of Biofertilizers Market is supported by the increasing emphasis on sustainable agricultural practices due to environmental concerns. Biofertilizers, being eco-friendly alternatives to chemical fertilizers, have gained traction among farmers who are conscious of environmental conservation.
Moreover, there's a significant increase in the consumer demand for organic food products in the Asia Pacific region due to concerns about food safety and environmental sustainability. As a result, farmers are inclined to use biofertilizers to meet the growing demand for organically grown produce. Also, ongoing advancement in biotechnology have led to the development of more efficient and effective biofertilizer products. These innovations have improved the efficacy and applicability of biofertilizers, making them more attractive to farmers in the Asia Pacific region. However, the poor infrastructure and high initial investment are expected to hinder the market growth during the forecast period 2024-2032.
The key countries considered for the Asia Pacific Biofertilizers market study includes China, India, Japan, South Korea, Australia and Rest of Asia Pacific. In 2023, China was the largest regional market in terms of revenue. The Chinese government has been promoting sustainable agriculture practices to reduce environmental pollution and increase agricultural productivity. Policies favoring the use of biofertilizers over chemical fertilizers contribute to the market growth. Also, growing awareness about the negative environmental impacts of chemical fertilizers, such as soil degradation and water pollution, has led farmers to seek eco-friendly alternatives like biofertilizers.